A segregated portfolio company (SPC) or protected cell company (PCC), as it is known in some jurisdictions, is a single legal entity, but the company is made up of individual "protected cells". It has a "core" capital (the ordinary share capital provided by the owners) but in addition each cell has its own capital (usually redeemable preference shares), provided by the client using that cell. Each cell is completely separate from each other but linked to the common core